My friend is also my co worker. He is in the process of buying a house and is a little short on downpayment, but he said he is about to get a settlement from insurance after he had an accident the settlement is upwards of 30k. Its just that he won't be able to get it before closing. My wife said no but I really want to help him out. What should I do?
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That is fucking insane and I'm with your wife on this one. What the hell? $25k?
The saying usually goes, don't give out a loan you can't afford to have it be a gift.
The saying usually goes, don't give out a loan you can't afford to have it be a gift.
There's no reason for you to do it whatsoever. Please don't. The only two possible outcomes for you are a neutral one and a horrifying bad one.
Never lend someone money if you want to get it back.
Unless you're such tight bros with this guy that you're totally willing to spend 25 grand on him and never see a penny of it returned to you, don't give him the loan.
Unless you're such tight bros with this guy that you're totally willing to spend 25 grand on him and never see a penny of it returned to you, don't give him the loan.
Don't do it. If your wife is against it, there's no version of reality where you give him the cash and it all goes well for you.
Even if she wasn't against it, lending someone that much money is a bad idea. It will destroy the relationship you have with that person. The only exception is if you're rich enough to just call it a gift and take away the obligation to repay the loan.
But considering the circumstances? No no no.
Even if she wasn't against it, lending someone that much money is a bad idea. It will destroy the relationship you have with that person. The only exception is if you're rich enough to just call it a gift and take away the obligation to repay the loan.
But considering the circumstances? No no no.
Only do it if you can write off a $25k loan with no problems. Oh and without pissing off your wife.
I can't tell you what to do. But I have lent money to friends before. And I can honestly tell you, it has NEVER ended well. Not a single time.
I've learned my lesson now.
I've learned my lesson now.
Unless you're planning on just giving him $25,000 than no, don't do that.
Besides, he can wait until he has the money. He should have waited until he had the down payment.
Besides, he can wait until he has the money. He should have waited until he had the down payment.
I'm all for helping your friends, but the only way I'd give my friends 25K is if it was a matter of life and death. This isn't that OP. Save your money, save your marriage. Way too much could go wrong for you here.
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